Loan Modification
A loan modification is a change to the terms of a mortgage loan that is agreed to by the bank. The change may be to the interest rate, term of the loan, the total amount owed on the loan or all of the above.
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Banks agree to accept loan modifications when borrowers are unable to pay their mortgage. This may be because the borrower is facing some kind of financial difficulty or hardship. The law firm of Wesoloski Carlson can assist you with your loan modification.

Banks agree to loan modifications because they do not want to foreclose. Banks would prefer to work out changes to the loan so that the borrower can resume regular monthly payments. Banks are not interested in owning real estate. They do not want to own your home. They are willing to negotiate a modification.

One of the most important litmus tests for determining whether you are a candidate for a loan modification is asking yourself whether you have income. The single most important question the bank will ask is whether there exists an ability for the borrower to pay the new modified loan payment.

Maybe your hours were cut at work. Or maybe you lost your job, and then found another job paying less. These are true hardships that the banks consider when approving loan modifications. Our law firm will provide you with the best legal advice to help you through the process.

A loan modification is a great option for borrowers who cannot currently pay their mortgage payment but who can pay an amount that is less than the full amount of their monthly mortgage payment.

Contact our office for a free consultation!